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EUR/GBP very much in the spotlight today

With the ECB policy decision likely to dominate all that surrounds it this morning, the focus on the Euro should not just be confined to the dollar. The major Euro cross, beyond the EUR/JPY is the EUR/GBP. This has a huge amount of regular flow each and every day, in part due to price discovery for the EUR/USD and the GBP/USD, but also in its own right as a barometer of relative strength/weakness of either component part. So, most recently the EUR/GBP has been edging lower, in advance of an anticipated cut from the ECB today. That will change next week, when the focus shifts to the Pound and the prospect of the BOE following suit. The EUR/GBP rose towards 0.8475 last week, but it has fallen back below 0.8375 this week. The question of whether an ECB rate cut is now priced in at the current levels is open to debate. There will be more to add on this cross today, for reasons which should be obvious. The EUR/GBP closed in the US last night at 0.8370. The range seen so far today has been covered by 0.8365 and 0.8377. It is right now at 0.8373
 

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